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Old 06-09-2017, 10:24 PM
 
599 posts, read 293,559 times
Reputation: 891

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My median income earning neighbors seem to be quite happy. I will remind them they are merely existing, not really living.
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Old 06-10-2017, 08:31 AM
 
420 posts, read 248,152 times
Reputation: 364
Quote:
Originally Posted by porterhouse View Post
My median income earning neighbors seem to be quite happy. I will remind them they are merely existing, not really living.
crucial information missing:
- how many kids do they have
- do they have tenured/government jobs with fat pensions
- when did they buy their place? how much do u think they paid for the house when they bought
- perhaps they sold their previous house they bought decades ago and used the equity to buy their current place

The housing boom/bubble has made an equal number of people happy and miserable. The only difference being 'luck' and the year they were born.

Housing historically used to increase by the rate of inflation, so if you made a middle class income, you could always count on buying a 'middle class' home. Due to the huge income gaps and low supply, the people at higher salaries are gobbling up whatever 'safe and decent' housing they can.. leaving scraps for everyone else.

This housing phenomenon is only happening in select cities (boston, nyc, sf etc) so its totally understandable that a person from a lower COL state is totally puzzled and confused when they see a 3BR shack of 1600 sq feet sell for 800k. They don't 'believe it' until they actually move here

The government only helps the most vulnerable (lowest or 0 income), so those in-between are totally left behind...
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Old 06-10-2017, 08:38 AM
 
2,771 posts, read 2,217,547 times
Reputation: 2174
Quote:
Originally Posted by bugelrex View Post
crucial information missing:
- how many kids do they have
- do they have tenured/government jobs with fat pensions
- when did they buy their place? how much do u think they paid for the house when they bought
- perhaps they sold their previous house they bought decades ago and used the equity to buy their current place

The housing boom/bubble has made an equal number of people happy and miserable. The only difference being 'luck' and the year they were born.

Housing historically used to increase by the rate of inflation, so if you made a middle class income, you could always count on buying a 'middle class' home. Due to the huge income gaps and low supply, the people at higher salaries are gobbling up whatever 'safe and decent' housing they can.. leaving scraps for everyone else.

This housing phenomenon is only happening in select cities (boston, nyc, sf etc) so its totally understandable that a person from a lower COL state is totally puzzled and confused when they see a 3BR shack of 1600 sq feet sell for 800k. They don't 'believe it' until they actually move here

The government only helps the most vulnerable (lowest or 0 income), so those in-between are totally left behind...
Exactly. There are too many variables. The deck is stacked against someone in OP's situation though, on average.
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Old 06-10-2017, 09:47 AM
 
7,031 posts, read 6,724,026 times
Reputation: 4709
Other huge variables include medical costs, student loans, kids/family members with special needs, special diets, charitable giving, transportation costs...

Work schedule? Work 9 to 5 in Boston or 128, you have a miserable commute from pretty much anywhere. Work an off schedule, or flexible hours; that opens up many more possibilities. When I last worked in Boston, I lived in an outer suburb and due to my schedule it would take me under an hour to get to work. If I worked traditional office hours, I wouldn't commute half that distance.
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Old 06-10-2017, 01:59 PM
 
487 posts, read 362,049 times
Reputation: 801
Really, a1600sqft shack in Boston fpr 800k? Try a 600sqft rat trap!

Quote:
Originally Posted by bugelrex View Post
crucial information missing:
- how many kids do they have
- do they have tenured/government jobs with fat pensions
- when did they buy their place? how much do u think they paid for the house when they bought
- perhaps they sold their previous house they bought decades ago and used the equity to buy their current place

The housing boom/bubble has made an equal number of people happy and miserable. The only difference being 'luck' and the year they were born.

Housing historically used to increase by the rate of inflation, so if you made a middle class income, you could always count on buying a 'middle class' home. Due to the huge income gaps and low supply, the people at higher salaries are gobbling up whatever 'safe and decent' housing they can.. leaving scraps for everyone else.

This housing phenomenon is only happening in select cities (boston, nyc, sf etc) so its totally understandable that a person from a lower COL state is totally puzzled and confused when they see a 3BR shack of 1600 sq feet sell for 800k. They don't 'believe it' until they actually move here

The government only helps the most vulnerable (lowest or 0 income), so those in-between are totally left behind...
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Old 06-10-2017, 03:25 PM
 
Location: The State Line
2,207 posts, read 3,018,107 times
Reputation: 2477
Quote:
Originally Posted by bigfatdude View Post
$100k is barely enough for a family of one around here if you want to live comfortably, let alone a family of five.
If you can't manage a $100k salary without dependents, then you have poor money management skills.

You're not going to be living in the Back Bay or Beacon Hill, living the high life (without renting away savings and leaving little, if any, for anything else). However, you could afford to live in an average 2-3 bedroom house in Framingham or Marlborough, and drive a relatively new but inexpensive car; Live in a 1-2 bedroom condo in Quincy or Braintree, and drive a 7-10+ year old car; Or rent a 1 bedroom in Cambridge or Somerville and forgo having a car.

Of course, this is not an extensive/complete list, and money goes further as you leave the city core, but unless you expect a life of luxury $100k for one will be fine.

$100k for five will require a different lifestyle than one is used to. Those who can't find what they're looking for in MA up to 495 end up moving to Southern NH. Adjust and expand one's horizons.

Last edited by LexWest; 06-10-2017 at 03:47 PM..
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Old 06-10-2017, 05:57 PM
 
32,778 posts, read 22,735,981 times
Reputation: 29805
Quote:
Originally Posted by Dm84 View Post
It's a good salary for a single person or a couple. It's a survival salary for a family of 5.
Please. One of my high school friends and her partner have 3 kids, live in Waltham, and do quite fine on less than 100k. Yeah, she bought a bit ago, that's fine, but people overplay how much you need here to live all the time. This is a super well off forum.
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Old 06-10-2017, 05:59 PM
 
32,778 posts, read 22,735,981 times
Reputation: 29805
Quote:
Originally Posted by LexWest View Post
If you can't manage a $100k salary without dependents, then you have poor money management skills.

You're not going to be living in the Back Bay or Beacon Hill, living the high life (without renting away savings and leaving little, if any, for anything else). However, you could afford to live in an average 2-3 bedroom house in Framingham or Marlborough, and drive a relatively new but inexpensive car; Live in a 1-2 bedroom condo in Quincy or Braintree, and drive a 7-10+ year old car; Or rent a 1 bedroom in Cambridge or Somerville and forgo having a car.

Of course, this is not an extensive/complete list, and money goes further as you leave the city core, but unless you expect a life of luxury $100k for one will be fine.

$100k for five will require a different lifestyle than one is used to. Those who can't find what they're looking for in MA up to 495 end up moving to Southern NH. Adjust and expand one's horizons.

I had a car, one bedroom in Somerville, and live nicely outside Union Sq Somerville on much less than 100k. Managed to save up for a 20% downpayment (true, in Providence) on it as well, and to travel each year.
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Old 06-11-2017, 08:25 AM
 
Location: The State Line
2,207 posts, read 3,018,107 times
Reputation: 2477
Quote:
Originally Posted by timberline742 View Post
I had a car, one bedroom in Somerville, and live nicely outside Union Sq Somerville on much less than 100k. Managed to save up for a 20% downpayment (true, in Providence) on it as well, and to travel each year.
Oh, I was in no way considering that an all inclusive list. I would expect situations to vary more or less on personal prefence or other needs. It's amazing what people must have to live on vs. the reality of what people do have to live on.
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Old 06-11-2017, 05:03 PM
 
487 posts, read 362,049 times
Reputation: 801
Quote:
Originally Posted by LexWest View Post
If you can't manage a $100k salary without dependents, then you have poor money management skills.

You're not going to be living in the Back Bay or Beacon Hill, living the high life (without renting away savings and leaving little, if any, for anything else). However, you could afford to live in an average 2-3 bedroom house in Framingham or Marlborough, and drive a relatively new but inexpensive car; Live in a 1-2 bedroom condo in Quincy or Braintree, and drive a 7-10+ year old car; Or rent a 1 bedroom in Cambridge or Somerville and forgo having a car.

Of course, this is not an extensive/complete list, and money goes further as you leave the city core, but unless you expect a life of luxury $100k for one will be fine.

$100k for five will require a different lifestyle than one is used to. Those who can't find what they're looking for in MA up to 495 end up moving to Southern NH. Adjust and expand one's horizons.
Driving a clunker and living in a small rat trap in Quincy isn't what one would normally expect on $100k/year. As for me, I'm doing just fine on ~70k (hooray for 2008 crash and subsequent real estate giveaways,) but given today's real estate prices and ridiculous student debt load I would need 100k at the very least to replicate it had I just moved here now.
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